La Hipoteca Inversa: instrumento de previsión social

Abstract

(spa) Las previsiones en cuanto a sostenimiento de las pensiones públicas, en especial la de jubilación, hacen prever un futuro incierto y pesimista de su viabilidad y mantenimiento. Por ello, se buscan alternativas privadas que la complementen ante una posible bajada en su cuantía económica. Como instrumentos complementarios se proponen los planes de pensiones, los seguros y los PPAS. No obstante, ante la baja propensión o incapacidad para ahorrar a futuro, surge la idea de utilizar el valor del inmueble para garantizar una renta complementaria a las personas mayores. La hipoteca inversa es un instrumento de conversión de activos inmobiliarios a tal fin, importada de los países anglosajones, permite que el prestatario perciba una pensión dejando como garantía su vivienda habitual. A pesar de las ventajas que ofrece, presenta ciertos problemas por los que actualmente no está siendo un producto atractivo.

(eng) Probably the measures that contribute to the maintenance of the actual level of public pensions, especially retirement pensions, will be insufficient to guarantee their viability towards the future, because the forecast in that regard is really uncertain and pessimistic. Therefore, the financial and insurance sector is looking for privates alternatives to relieve a possible decline of the amount of retirement pensions. Currently, the main financial instrument used to complement the retirement pensions are Pension Plans, Insurances and Insured Retirement Plans (PPA). However, on account of the low propensity or the incapacity to save enough money, arose the idea of use the value of the property to ensure additional income to the elderly. The reverse mortgage is a financial instrument of real estate assets conversion, imported from Anglo-Saxons countries. This product allows the homeowner to receive a complementary pension leaving his residence as a guarantee. The main advantage of reverse mortgage is that the owner does not lose the property of his residence. The debt will accumulate until the end of the loan or the death of the borrower. When it happens, heirs will have the duty to pay the debt, if they do not have enough money they could sell the property or hire a mortgage. Spain being a country with a high culture of property and a large life expectancy could be the perfect market to commercialise this kind of product. Despite the advantages, it presents certain problems for the different agents that intervene in the operation. On the other hand, the recent crisis of 2008 has an important impact on financial and real estate sector, increasing the distrust. As a result, the reverse mortgage currently is not being an attractive product in Spain.